Thioredoxin reductase from Drosophila melanogaster (DmTrxR) catalyzes the reversible transfer of reducing equivalents between NADPH and thioredoxin (Trx), a small protein that is involved in a wide variety of biological redox processes. The catalysis involves three essential redox states of the enzyme: the oxidized form of DmTrxR (E-ox), the 2-electron-reduced forms (EH2), and the 4-electron-reduced forms (EH4). In the present work, the macroscopic redox potentials of E-ox/EH2 and EH2/EH4 couples were determined to be -272 +/- 5 mV for E-m(E-ox/EH2) and - 298 +/- 11 mV for E-m(EH2/EH4) on the basis of redox equilibria between DmTrxR and NADH. The value for E-m(EH2/EH4) obtained from the steady-state kinetics of the TrxR-catalyzed reaction between NADPH and D. melanogaster Trx-2 (DmTrx-2) was reasonably consistent with that based on redox equilibria. The redox potential of the Trx-(S)(2)/Trx-(SH)(2) couple from D. melanogaster Trx-2 (DmTrx-2) was calculated to be -275.4 +/- 0.3 mV by using the Nernst equation and the K-eq for the equilibrium of the reaction involving NADP/NADPH and Trx-(S)(2)/Trx-(SH)(2). For the accurate determination of the K-eq, an improved protocol has been developed to minimize errors that can be introduced by using starting concentrations far from equilibrium of the TrxR-catalyzed reaction between NADPH and Trx. This improved approach gives an E-m of -284.2 +/- 1.0 mV for Escherichia coli Trx and -271.9 +/- 0.4 mV for Plasmodium falciparum Trx, which agree well with published values (-283 or -285 mV and -270 mV, respectively). The redox potentials determined herein provide further direct evidence for the proposed catalytic mechanism of DmTrxR, and cast new light on the essential role of the DmTrx system in cycling GSSG/GSH and maintaining the intracellular redox homeostasis in D. melanogaster where glutathione reductase is absent.